MGXMF - MGX Minerals Announces Driftwood Creek Magnesium Metal Production Conceptual Engineering Study by Hatch
(TheNewswire)
VANCOUVER – TheNewswire - November 10, 2021 - MGX Minerals Inc. (“MGX” or the “Company”)(CSE:XMG) (CNSX:XMG.CN) (FKT:1MG) (OTC:MGXMF) announces a review is underway of a Conceptual EngineeringStudy for the Production of Magnesium by HatchEngineering (Canada) for Driftwood Creek Magnesium. Due to anincrease in the price of magnesium and related special application ofmagnesium as a solid rocket fuel, MGX has begun a review of thereport, commissioned by the Company, and generated by HatchEngineering in 2018. Findings consist of a required US magnesiummarket price of $4,000-$6,000 USD per tonne Mg for positive economicsto be achieved. Consideration for value added specialized magnesiumproducts such as rocketry were not considered in the study. The 160page report confirms no technical or economic issues beyond spot priceusing known technology. Due to the significant increase in magnesiumprice (reaching >$11,000 USD per tonne in September 2021) andadvances in purpose and application for magnesium solid fuel rockets,the project is now under review as a magnesium metal project versussolely as a magnesium oxide project. The report remains confidentialfor competition related reasons.
Mg/CO2 type rockets
Utilizing powdered magnesium as a solid fuel and carbondioxide as an oxidant. The calculated specific impulse of powderrocket engines is higher than that of traditional propulsion systems.
Research and Development
MGX has identified a potential research and developmentpartner with an available test site to provide design, productionand testing of a large scale Mg/CO2 type rocket potentially utilizingMg fuel from the Company’s Driftwood Creek Magnesium project.
Driftwood CreekMagnesium Deposit
MGX has completed a PreliminaryEconomic Assessment (“PEA”) for theDriftwood Creek magnesium project ( Tuun, 2018). The PEAreferences report title “Driftwood Magnesite Project MineralResource Estimate, Brisco, BC”, author Allan Reeves, P.Geo, reportdate September 30, 2016, revised July 21, 2017. The resourcehighlights are listed as follows:
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- Measured 2.8 million tonnes grading 43.3%plusIndicated 5.2 million tonnes grading 43.3% (M+I) mineral resourcetotaling 8.028 million tonnes grading 43.3% magnesium oxide(MgO)
- Inferred mineral resource totaling 846,000 tonnesgrading 43.20% MgO
- Bulk of resource is located less than 100 meters fromsurface
Qualified Person
Andris Kikauka (P. Geo.), Chief Executive Officer ofMGX Minerals, has prepared, reviewed and approved the scientific andtechnical information in this press release. Mr. Kikauka is anon-independent Qualified Person within the meaning of NI43-101.
About MGX MineralsInc.
MGX Minerals is a diversified Canadian resource andtechnology company with interests in advanced metals, industrialminerals, and energy technologies.
ContactInformation:
Andris Kikuaka
Chief Executive Officer
604 681 7735
Forward-LookingStatements
This press release containsforward-looking information or forward-looking statements(collectively, "forward-looking information") within themeaning of applicable securities laws. All statements, other thanstatements of historical fact, included herein are forward ? looking information. Forward-looking information in this pressrelease include, but are not limited to, statements with respect toholding the postponed Meeting, and the filing of an amended notice ofmeeting and record date for the postponed Meeting. Forward-lookinginformation is generally, but not always, identified by the words"expects", "plans", "anticipates","in the event", "if", "believes","asserts", "position", "intends","envisages", "assumes", "recommends","estimates", "approximate", "projects","potential", "indicate" and similar expressions,or that events or conditions "will", "would","may", "could" or "should" occur.
The Company’s forward-lookinginformation are based on the applicable assumptions and factors theCompany considers reasonable as of the date hereof, based on theinformation available to the Company at such time, including withoutlimitation, the ability to host the postponed Meeting at a later date,and the ability to find a suitable location which can accommodate anin-person shareholders’ meeting. The Company cautions investors thatany forward-looking information provided by the Company is not aguarantee of future results or performance, and that actual resultsmay differ materially from those in forward-looking information as aresult of various risk factors. These factors include, among others,uncertainties arising from the COVID-19 pandemic, and general economicconditions or conditions in the financial markets. The reader isreferred to the Company's public filings for a more completediscussion of such risk factors, and their potential effects, whichmay be accessed through the Company's profile on SEDAR at www.sedar.com . Except as required by securities law,the Company does not intend, and does not assume any obligation, toupdate or revise any forward-looking information, whether as a resultof new information, events or otherwise.
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